Johnson Matthey to exit battery materials business; increased commoditization, lower returns

By mmillikin Johnson Matthey (JM) has been working to commercialize its eLNO range of high-nickel cathode materials (earlier post), principally for the automotive industry. Following a detailed review and ahead of reaching a number of critical investment milestones, the company has concluded that the potential returns from the Battery Materials business will not be adequate to justify further investment.

JM’s eLNO family of nickel-rich advanced cathode materials enables around 20% greater battery density over today’s typical equivalent battery technology. Applied in a electric two-seater electric formula race car displayed at COP26 (earlier post), the eLNO cathode technology helps the cylindrical 602030 cells in

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